The Russian venture capital firm Leader Innovations has invested $6 million in iiko, a restaraunt ERP and loyalty program software vendor. The VC investment valued iiko at $16 million pre-money, reported newspaper Vedomosti. Leader Innovations has an option to invest an additional $4 million in iiko in one year. The new investment will be used to expand in Eastern European markets and develop a cloud-based software solution.
Founded in 2005, iiko raised $4 million from Troika in 2008. It is noticeable that iiko was initially founded by David Yan, a Russian technology entrepreneur who founded an optical character recognition software vendor ABBYY Software.